From Private Practice to the Heart of Capital Markets: Paul’s Journey as GC and Sustainability Advocate at HKEX
Tell us about your journey. From your early days in private practice to your current role as general counsel at HKEX.
In my past life as a partner at various firms, including Slaughter and May, Linklaters, and Davis Polk & Wardwell, I was doing a lot of capital markets and M&A work. It was interesting because when I was in private practice, China was really opening up as a place to do business. Every week, you would see a flurry of IPOs and deals across sectors like telecoms, financial institutions, banks, brokers and insurance companies. Of course, after that, we had all the tech and new economy companies. It was fascinating to be a part of that journey, and as a capital markets lawyer, being involved in how these companies transformed themselves.
I moved to Cathay Pacific in 2019 to be their Group General Counsel, seizing an opportunity to move in-house as a way to challenge myself and grow beyond my experience up to then. In that role, I honed my ability to make snap decisions and judgment calls – a skill that is critical as an in-house counsel.
My move to HKEX in a way was a return to my roots going back to capital markets, but this time to the very heart of capital markets. HKEX, being the critical financial market infrastructure that it is, I felt and still feel a much broader sense of mission and purpose here, advancing the vibrancy and resiliency of Hong Kong’s capital markets.
When you transitioned from private practice to your current in-house role at HKEX, what were some common myths or misconceptions you encountered about working in-house? How do your views differ now?
One common misconception is that you need a lot of industry-specific knowledge to be an in-house lawyer. While having knowledge definitely goes a long way, as an in-house counsel, you bring value through your leadership and effective communication skills. Specifically at HKEX, although I had quite a bit of knowledge about the listing side of things, I found that coming into the company, I had a lot to learn about the trading and operations part of the business. I think that’s what keeps the job fresh: having new experiences and expanding your scope of knowledge.
… there was a misconception that in-house roles are for people who want a more laid-back career
A lot of lawyers, particularly junior ones,tend to think that moving in-house means an “easier” or less stressful job. I’ll admit that I was guilty of holding such perceptions before as well! But in reality, the job is quite intense and requires some on-the-spot thinking, especially at HKEX, which is a critical financial market infrastructure in Hong Kong.
Reflecting on your career from leading law firm partner to senior in-house counsel, how has the perception and role of in-house lawyers evolved within organisations?
As I mentioned earlier, there was a misconception that in-house roles are for people who want a more laid-back career. I think, nowadays, large corporates give their legal teams much more exposure to risk management and involve them at a much earlier stage on incident response and strategic decisions than in the past. I also encourage my legal team here at HKEX to go beyond the law, to talk not only about legal points, but also to express their views on potential risk factors in various projects. That’s the way we bring value, not by being paper-pushers.
Could you describe your dual role as Group General Counsel and Group Chief Sustainability officer? How did it come about, how do you manage both responsibilities, and what advice would you offer other in-house lawyers interested in expanding their roles?
As Group Chief Sustainability Officer at HKEX, my role is to drive HKEX’s sustainability agenda, keeping it at the heart of our operations and business. I guess I look at both extremes of the business. As Group General Counsel, I deal with a lot of legal and strategic issues, so that’s very intense. On the flip side, driving sustainability lets me see the best of our people, our business, and it’s very altruistic. So, it’s the best of both worlds, and it’s a joy to divide my time between these roles.
What key sustainability initiatives at HKEX are you directly involved in? From your experience, how can legal departments practically integrate sustainability into their everyday work, or take up a sustainability responsibility?
HKEX achieved carbon neutrality across all its operations at the end of 2024, setting an important example for Hong Kong’s broader listed issuer community. But that represents just the beginning: I will continue driving HKEX’s sustainability efforts across operations, expand renewable energy adoption and take on new partnerships to drive systemic change.
Core Climate, Hong Kong’s first carbon trading marketplace, is a key initiative that I’ve been working on too, trying to look at whether we can have more products, and strategic initiatives to expand and deepen the platform. We have a lot of green, sustainable and social, or GSS, bonds listed on HKEX. But we also want to look at encouraging more green companies to list as well, and we’re working with our issuer outreach team to do that.
Of course, one of my key responsibilities as Chief Sustainability Officer is looking after HKEX Foundation, our very own charity that focuses on financial literacy, social empowerment, talent development and environmental sustainability. We partner with various NGOs around Hong Kong, leveraging our resources and networks to strengthen the community we do business in.
Looking ahead, what key challenges do you foresee for legal departments in terms of challenges, especially around talent, technological advancements, and AI?
AI is a big deal, but figuring out how to use it right is the tricky part. Different legal departments have different needs. Take a large commercial bank’s legal team, for example – they might need help with routine stuff like setting up demand letters. That’s where AI can really shine, automating all that standard work.
At HKEX, though, our tasks are more customized and often one-of-a-kind, with very few repeat jobs. So, our challenge is to see how AI can help us come up with better solutions for our business units. Companies must think about how AI can boost their efficiency, depending on what they specifically need.
Another important point to consider is the impact of AI on junior lawyers. In the past, as a junior lawyer, I would meticulously review a 20-page agreement and summarize it for my principal or supervisor. Now, AI can accomplish this task in seconds. While AI makes things more efficient, junior lawyers might miss out on an important learning process. The development of sound judgment, which is crucial for senior lawyers, is potentially compromised. This is an area where we need to find a balance to ensure that the future generation of lawyers gets the efficiency benefits, while still developing a deep understanding of the work.
What significant legal and regulatory developments affecting financial institutions in Hong Kong are currently on your radar?
The financial landscape here is very dynamic and the government, regulators and infrastructure players are constantly thinking of ways to improve the financial ecosystem so as to maintain our position as an IFC. At HKEX, we are also pushing ourselves all the time to think about how to improve our trading environment and infrastructure. Just to give a few examples of the initiatives we are working on, they include USM, T+1 consultation, changes to minimum spread and ways to expand and further develop our Connect programs. These are all things that are keeping our lawyers busy and challenged!
What skills and competencies are essential for today’s in-house counsel and future-proof general counsels?
Definitely critical thinking and swift decision making. As an in-house lawyer, people will rely on you to be the voice of reason, and to be the risk- assessor in any given situation. I’d say junior lawyers should also get out there and insert themselves into unfamiliar situations where they perhaps don’t have a lot of expertise. Curiosity and a hunger to learn will get you far in your career.
Outside of your professional life, what are some of your personal passions and pursuits?
I enjoy weightlifting, going to the gym, and occasionally staying up late to watch my favourite football club, Liverpool FC, who are currently first in the Premier League! I also just became a council member of the Hong Chi Association, a charitable organization helping those with intellectual disabilities to reach their full potential.
My day usually consists of non-stop meetings, talking with different division heads on how we can further incorporate sustainability into our organization. Of course, various legal issues will pop up in the day and I will have to deal with those too.
